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US breakfast cereals giant Post Holdings will buy Michael Foods, which specializes in egg and dairy products, for $2.45 billion, the companies said Thursday. Post Holdings, which has been on a buying spree to diversify its food products portfolio, said the Michael Foods deal was its biggest acquisition to date. The St. Louis, Missouri-based Post Holdings said Michael Foods will continue to be managed by its existing executive team led by chief executive Jim Dwyer. We are extremely impressed with the job Jim and his team have done and we look forward to continuing to build this substantial business with them," said Bill Stiritz, Post's chairman and CEO.